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Tuesday, April 29, 2008

Commuting Costs

Is getting to work costing you some of your paycheck? My friends says that by the time she gets to work and back, transportation for the work week can cost her tons. People who travel to work by car are saying the same since the cost og gas is still rising. What can you do? Find a buddy and travel to work together, split gas fees and get the most out of your gas mileage. Did you think about asking your employer? The federal and most state governments offer big tax breaks for commuters. If your employer offers a flexible spending plan for transportation, take advantage of it. This program lets you put pretax money away for your transit passes or parking expenses. And the money you contribute to this fund lowers your taxable income, so you'll be shielding the cash from Uncle Sam. Make sure you ask your employer if this perk is offered.